Trump says he would back ban on diesel exports

US President Donald Trump has said he would back proposals to halt American diesel exports in a bid to ease prices for drivers at the pumps.

His comments come after Republican lawmakers put pressure on the president ahead of November's mid-term elections to curb exports, as diesel prices soar to record highs in the US.

Speaking on the sidelines at the United Nations General Assembly, Trump suggested keeping domestic supplies inside the US could also ease broader petrol prices.

"I've called for that too. I've said let's not send out the diesel. We make a lot of diesel. That could have a little bit of an effect on regular automobile gasoline," he said .

US Treasury Secretary Scott Bessent confirmed officials were assessing "whether a full or partial ban would work" without disrupting refinery capabilities.

National average diesel prices surpassed $6.50 (£4.87) a gallon on Tuesday according to American Automobile Association data, a new high.

The conflict in the Middle East has constrained global oil supplies, putting pressure on pump prices.

The surge in the cost of diesel has sparked political urgency ahead of crucial mid-term elections on 3 November, with several Republicans pressing the administration to restrict the fuel's export to ease financial strain on voters.

US Representative Ashley Hinson, a Republican running for Senate in Iowa, said on Monday that the state's consumers were "being squeezed and shouldn't have to foot the bill at the pump."

In Alaska on Tuesday, Senator Dan Sullivan similarly urged for a "temporary pause of American diesel and exports" to rebuild domestic reserves.

Adding to the global market volatility, Ukraine's targeting of Russian energy facilities has knocked out the country's refining capacity.

"It is a serious hit on the Russians," Trump said during a meeting with Ukrainian counterpart Volodymyr Zelensky on Tuesday. "It's also a serious hit on the price of diesel."

Trump confirmed he would discuss the strikes with the Ukrainian president, alongside broader efforts to negotiate an end to the conflict. "I think it's going to happen," he said.

Kyiv has intensified drone attacks on Russian processing plants in recent months to choke off the Kremlin's primary source of war funding.

Because Russia ranks among the world's leading diesel suppliers, reduced refining capacity – combined with Moscow's own strict export bans – has severely squeezed global reserves.

While restricting US exports could offer short-term relief for American drivers, a ban may risk pushing up prices internationally.

The US exports roughly 1.3 million barrels of diesel per day – nearly a quarter of its refining output.

Cutting these shipments could put pressure on supplies for Western allies, including the UK and the Netherlands, which have relied on American fuel to cover deficits left by sanctions on Russian energy.

DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.

Tags:  

DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.